Notes on 12 U.S.C. § 415 : US Code - Notes

Search Notes on 12 U.S.C. § 415 : US Code - Notes

(Dec. 23, 1913, ch. 6, Sec. 16 (pars.), 38 Stat. 267; June 21,
1917, ch. 32, Sec. 7, 40 Stat. 237; Jan. 30, 1934, ch. 6, Sec.
2(b)(5), 48 Stat. 339; Aug. 23, 1935, ch. 614, title II, Sec.
203(a), 49 Stat. 704; Pub. L. 87-66, Sec. 8(a), June 30, 1961, 75
Stat. 147; Pub. L. 90-269, Sec. 5, Mar. 18, 1968, 82 Stat. 50; Pub.
L. 90-349, Sec. 5(b), June 19, 1968, 82 Stat. 189.)
REFERENCES IN TEXT
Section 4 of the Old Series Currency Adjustment Act, referred to
in text, which was classified to section 913 of former Title 31,
was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat.
1068, the first section of which enacted Title 31, Money and
Finance.
CODIFICATION
Section is comprised of fifth and sixth pars. of section 16 of
act Dec. 23, 1913. For classification to this title of other pars.
of section 16, see Codification note set out under section 411 of
this title.
AMENDMENTS
1968 - Pub. L. 90-349 added Special Drawing Right certificates to
the types of deposits which Federal Reserve banks may use in
reducing their liability for outstanding Federal Reserve notes.
Pub. L. 90-269 repealed second par. (sixth par, of section 16 of
Act Dec. 23, 1913) which provided that the Federal Reserve agent
shall hold the gold certificates and lawful money for exchange for
the outstanding Federal Reserve notes and that upon the request of
the Secretary of the Treasury, the Board of Governors shall require
the agent to transmit to the Treasurer of the United States as many
gold certificates held by him as collateral as may be required for
the exclusive purpose of the redemption of such Federal Reserve
notes.
1961 - Pub. L. 87-66 provided for reduction of liability for
outstanding notes by payment of notes of series prior to 1928.
1934 - Act Jan. 30, 1934, struck out "gold" wherever it appeared
before "gold certificates," and inserted "certificates" after
"gold" wherever latter stood alone.
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of Federal
Reserve Board to Board of Governors of the Federal Reserve System.